Quod hodie non est, cras erit

"...dalla crisi non potremo uscire se non rilanceremo la domanda con un massiccio intervento di investimenti pubblici (preferibilmente in piccole opere) finanziato con moneta...

...se non si supera la BCE, affidando a banche centrali nazionali il compito di rilanciare con finanziamento monetario di politiche di bilancio nazionali espansive la crescita dei paesi membri, ovviamente in regime di flessibilità dei rapporti di cambio, non si supera la "crisi"...

La BCE è la crisi, o, se volete, la crisi è la BCE...

...sarà molto difficile che riusciamo a tirarcene fuori senza un massiccio scoppio di violenza."

Update: June 29, 2016

Monti Fact Checking: "...La conclusione tecnica è che Monti ci ha lasciato con tre monti: un monte di debiti pubblici, un monte di disoccupati, un monte di poveri. Res sunt consequentia nominarum."

"European Central Bank (ECB) head Mario Draghi is running out of options.
Back in 2012, the EU banking system was on the verge of collapse. At that time, various European banks were lurching towards insolvency as the senior most-asset on their balance sheets (EU member nation sovereign bonds) plunged in value.
As a whole, the EU banking system is leveraged at 26 to 1. At these levels, even a 4% drop in your asset values wipes out ALL equity.
In mid-2012, Greek 10 year bonds were yielding 10%, Spanish 10 year bonds were yielding over 7%, Italy’s were yielding over 6%, etc.
These yields were the result of EU sovereign bonds plunging in value (bond yields rise when bond prices fall). And between their exposure to EU sovereign nations’ bonds as well as the hundreds of trillions of Euros worth of derivatives trades attached to said bonds, EU banks were insolvent.
Desperate to hold the EU system together, in late July 2012, ECB head Mario Draghi walked out on stage at an investment conference in London, and promised to do “whatever it takes” to save the Euro and the EU banking system.
The whole thing was a giant bluff. We know from insiders who were present at the time that Draghi’s comments were “off the cuff” and that in fact he had “no real plan” at the time he said it.
Still, the investment herd bought the hype, piling back into EU Sovereign nation bonds and stocks. Despite the fact nothing fundamental had changed for the EU banking system, within six months EU Financial Ministers were proclaiming, “the worst was over.”
Sadly they were incorrect. And none of them have implemented structural reform to insure that the next round of the Crisis will be contained.
The EU’s inflation rate has not increased the desired amount. Now, I am not a fan of inflation any more than you are. But for Central Banks intent on halting debt deflation by any means possible, inflating the EU’s massive sovereign debt loads away is much preferred to default and the accompanying derivative-fueled systemic implosion.
Since Draghi’s “whatever it takes” comment in July 2012, the EU has launched Negative Interest Rate Policy, or NIRP, (June 2014), cut rates deeper into NIRP (September 2014), launched QE (January 2015), cut rates even deeper into NIRP (December 2015) and extended its QE program through March 2017 (December 2015).
Throughout this period, the EU’s inflation rate has been on a steady decline. Indeed, despite the ECB launching both NIRP and QE, the EU moved into deflation in early 2015. It’s since barely flat-lined at 0%, abetted by even deeper NIRP cuts and extending QE through March 2017.
And just last week it collapsed back into negative again.

In short, Draghi’s actions have failed to produce the desired results. The man is growing desperate.
And so, after having discovered that deeper NIRP cuts and an extension of QE failed to get the desired market reaction, Draghi is gaming the markets for something big next week. Once again he’s promising that he can get the EU to a 2% inflation rate.
Wake up world, the EU hasn’t experienced 2% inflation since BEFORE the Crisis erupted in earnest in 2012. Three NIRP cuts and over €1 trillion in QE later, the EU is on the verge of deflation again.
The EU Crisis will began anew within the next six weeks. When it does, Draghi won’t be able to rein it in. His policies have already failed pathetically for over THREE years straight. And at this point he’s virtually out of ammo to combat another downturn.
Another stock market crash is coming. Smart investors are preparing now in anticipation."

-GAINS PAINS & CAPITAL (investment e-letter published by Phoenix Capital Research)

"...Finally, as to the mad money printer who runs the ECB, perhaps he should look at the 10-year bonds of his quasi-bankrupt native land. They closed today at a yield of 1.36%, and that means they are riding the mother of all bond bubbles.
Below is the eight year trend in core consumer inflation in the eurozone. It is up at a 2.1% rate during the period, and 1.0% even during the last 12 months of deflation mongering by Draghi and his henchman. You could well and truly ask, therefore, as to why the mass of Europeans are not better off with 1% as opposed to 2% inflation. The answer that 2% is better-indeed imperative—- is known only to a tiny cadre of central bankers and their acolytes. But they are not telling, just asserting.

No bubbles, Mario?
For crying out loud. Italy’s government is paralyzed, meaning that its fiscal vital signs just keep deteriorating. The spending share of GDP is off the deep end at 51.1% and the debt burden just keeps on rising.

Here’s the thing. Italy is fast turning into a socialist old age colony with a birth rate of only 1.3. On that path, the last Italian will disappear in the next century. But an economy which has been shrinking since 2007 will tumble into national bankruptcy long before.

When the last of the hedge fund front-runners have bought their fill and the Germans finally shutdown the printing presses in Frankfurt, there will indeed be a day of reckoning as the massive bubble under the Italian bond violently deflates.
They will surely christen it the Draghi Bubble—–a fit of insanity every bit as calamitous as that of John Law, the French Revolution and 1929."
Institutionalized Lying—— Why Central Bankers Never See Bubbles

The stunning hypocrisy of EU ruled by jesuit trained pupils
 

"...con la svalutazione esterna (quella del cambio) il problema si risolverebbe in un altro modo. Verrebbe infatti da dire, ai nostri amici tedeschi: "Fate l'amore, non fate la guerra", o, almeno, tornate in vacanza in Romagna, che se proprio non avete voglia ci pensiamo noi. Ma purtroppo la loro valuta sottovalutata (l'euro), o, se volete, la nostra valuta sopravvalutata (l'euro), impedisce questa piacevole composizione del conflitto, che verrebbe realizzata rimuovendo la principale causa di attriti europei: l'impasse demografica di un paese che da due millenni aspira ad essere una potenza mondiale, e che non lo sarà mai.
E quando dico mai, intendo mai."

"Per motivi che mi sfuggono, erogare una mancia sembra meno clientelare che finanziare investimenti".

Mr.Bean-draghi is telling savers to buy more stocks.

As Italian banks collapse again... which should be no surprise one third of the ridiculous bailout fund has already been depleted

                                                    

"...So there we have it. For those who are saving for retirement, or just wish to be completely risk averse, the ECB's answer to you is too bad. The central planners would like you to invest in stocks so that the next time the market plummets, your cash can be transferred to those that know how the game works, leaving you with nothing at all...Once again, for those who can't see the trend here, central banks only exist to take money from those that actually work (i.e. savers), and transfer it to their good friends who own all of the assets (i.e. those telling you not to save)." 

***Here Is Mario Draghi's Advice To Europe's Crushed Savers

slaughterer comment on ZH: "... I said it before and I will say it again: Mario should be on trial in the Hague rather than making policy. He is insane, destructive, and a criminal. "

remain calm comment on ZH: "I am embarassed to say I am Italian"

May 1, 2016 15:05:53 GMT -5 Entendance said:

Brussels took our democracy, our sovereignty and now they want to destroy our cultures. It's time to...

The EU: a 46 Trillion Euro Lehman Brothers?

So much for QE as the answer to the EU’s problems.
In 2012, during the depth of the EU banking crisis which nearly took the entire EU financial system down, Mario Draghi stated that he would do “whatever it takes” to hold the EU together. Anyone paying attention knew that this was a bluff. True, the ECB and EU leaders had already defied if not broken every condition of the Maastricht Treaty and the Schengen Treaty (the legislation that formed the EU proper). However, even to the most cynical analyst, Mario Draghi’s claim was pushing the envelope a little too hard. Implementing capital controls and border controls limit freedom, but from the perspective of monetary policy, they’re secondary items. The REAL power is that of the printing press. This is how Draghi’s promise to save the EU was different from every other action: it addressed the structure of the EU in its most critical component, namely the control of the currency.
It took the EU two years to cobble together its reasoning for how something that went completely against the Maastricht Treaty would be permitted. As usual it was the Germans (the ultimate holders of the purse strings) who gave the “OK.”
Since being given the green light on QE, Draghi has spent over €600 billion. The ECB’s balance sheet is now approaching its former record high from 2012 after the massive LTRO and LTRO 2 programs. And Draghi has accomplished? Not much of note. The EU’s inflation rate is clearly trending lower. This is AFTER the first ever QE program was both launched and increased in pace form €60 billion to €80 billion per month.

For all intensive purposes, four cuts into NIRP and the first ever QE program represented nothing more than a tiny dead cat bounce in inflation. If you didn’t know the dates of those programs, looking at the above chart you’d be hard pressed to guess anything significant had happened in terms of monetary policy.
Why is this?
Because the structural problems for the EU absolutely DWARF the ECB’s current programs. The EU banking system is €46 trillion in size and leveraged at 26 to 1. At these leverage levels, even a 4% decline in asset values renders the entire financial system insolvent. A 4% decline of €46 trillion represents €1.84 trillion. The ECB’s QE program is roughly a little more than half of this. The real issue is that the ECB is completely cornered. The best it can do is buy EU bonds to drive yields lower in the hope that somehow someone will actually use this to deleverage. Unfortunately that is not human nature. The lower yields go, the more debt EU nations issue. Consider that Spain, Italy and other EU program nations have actually seen their Debt to GDP ratios increase since the 2012 crisis allegedly “ended.”

In short, the ECB’s extraordinary programs have done ZERO to address the structural issues facing Europe and its financial system. Bankrupt nations continue to issue bonds that bankrupt EU banks buy and use as collateral to backstop their derivatives books, which are in the ballpark of hundreds of trillions of Euros.
All the ECB has done is vacuum up this collateral and allow EU banks to continue to value this debt at 100 cents on the Euro. These “solutions” are imaginary at best.
At the end of the day, the EU banking system is one gigantic €46 trillion Lehman Brothers. Given the interconnected nature of the global banking system, this is not Europe’s problem… it is the WORLD’s problem.
Eventually this will trigger another 2008 type event. When, no one can say, but given that the ECB has failed to generate significant inflation, and that most EU nations have seen their Debt to GDP ratios increase since 2012, it’s not far off.
The next Crisis is just around the corner. And it will make 2012 look like a joke. -Phoenix Capital Research

La prima metà del 2016 è un lunga e sanguinosa mattanza borsistica per le banche italiane: Intesa SanPaolo -30%, Unicredit -40%, Banco Popolare -40%, Banca MPS -50%. E poi gli strascichi delle quattro banche “salvate” nel dicembre 2015, il clamoroso fallimento della ricapitalizzazione della Banca popolare di Vicenza, il timore del ripetersi di un flop simile per Veneto Banca e, soprattutto, l’incubo che qualche istituto “sistemico” imbarchi ancora un po’ d’acqua e coli a picco. Tutta colpa del “bail in”? Più che la causa, il “bail in” è la conseguenza della debolezza del sistema creditizio italiano: arrivati a questo punto dell’eurocrisi, l’infezione si è propagata dall’economia reale alle finanze pubbliche, sino ad infettare i bilanci delle banche. Berlino non ha nessuna intenzione di sobbarcarsi il costo di un salvataggio bancario e mette l’Italia di fronte alla scelta: scaricare le perdite su correntisti ed obbligazionisti o uscire dall’euro. Scenario, quest’ultimo, sempre più concreto...

Banche, la sentina dove confluiscono i liquami dell’eurocrisi ***Il sinistro scricchiolio delle banche: ultimo stadio dell’eurocrisi

All that’s missing is a spark to start the fire.

***Italy Must Choose Between The Euro And Its Own Economic Survival

I’ll have to see it to believe it. Mr. Bean-draghi buys everything not bolted down, but not Greece.

Mr. Bean-draghi’s got your back, guys

Meanwhile...The EU slowly but surely forces Greece to take in 10s of 1000s of refugees on a -much more- permanent basis. But Erdogan can send a million more...and French plan to make Britain PAY: France threatens BLOODY Brexit to avoid anti-EU surge

Italian Banks Achilles Heel of the Eurozone Financial System...***Italy’s Zombie Banks on Death Bed

Jun 29, 2016 7:13:11 GMT -5 Entendance said:

                                                                                        
June 29, 2016 Germany to Oppose Shielding Investors in Italian Bank Plan

Jun 28, 2016 11:50:23 GMT -5 Entendance said:

ITALY could become the next country to leave the European Union in a catastrophic move which would destroy the Euro currency, a senior economist has warned.

***Italy's financial crisis could DESTROY the Euro as nation tipped to be next domino to fall

The capitalization of Italy’s banks has dropped by 50-70 percent since the beginning of the year.

                             ***End All The Myths; Italian Version

jesuit-educated minds

Who is Mr.Bean-draghi

Avles Beluskes exposed the jesuit trained

We are all Jesuits 

Draghi Wishes for a World Order Populists Will Love to Hate

Non sono sono passate nemmeno tre settimane dal voto sul Brexit e già si va delineando per accenni, ma in maniera inequivocabile la risposta delle oligarchie continentali e statunitensi allo choc subito al referendum: un trauma non tanto dovuto alll’uscita dalla Ue di una Gran Bretagna già ampiamente ai margini dell’unione, ma al fatto che per la prima volta siano stati contestati con successo i meccanismi , le cinghie di trasmissione istituzionali del potere reale, che il dominio dell’informazione sia apparsa potente, ma non onnipotente, che la gestione dell’emotività (vedi assassinio della Cox) abbia mostrato dei limiti. La linea di azione principale non sembra essere quella di rischiosissima di delegittimare il referendum, di ripeterlo o di imbastire quale trucco per renderlo inefficace: questo può soddisfare la rabbia di oligarchi di secondo piano come Juncker o quella dei cortigiani burocrati di Bruxelles, inviperiti per la ricomparsa del popolo e atterriti da un voto che presenta caratteristiche di classe, ma non porta da nessuna parte. Si tratta invece di sfruttare l’evento per fare un salto di qualità e approdare a un Nuovo Ordine che faccia balzare in primo piano aspetti strutturali, ma tenuti finora in secondo piano.
Al vertice della Nato di Varsavia la Merkel innanzitutto e poi la Mogherini (meglio sorvolare sul ridicolo dietro front del guappo sulle sanzioni alla Russia, un clown non può fare che il proprio mestiere) hanno chiaramente ipotizzato per la Ue “un partenariato globale con la Nato” per creare le regole di un “nuovo ordine mondiale”. E naturalmente tutto questo si sostanza con “una battaglia a Sud e a Est” contro il presunto terroismo nell’area mediorientale e nordafricana ormai balcanizzata e contro la Russia colpevole (la faccia tosta, la nullità umana e il servilismo della Mogherini sono da Expò universale) di aver “violato l’ordine di sicurezza europeo”. Insomma l’Europa si ricostruisce a partire dalla Nato e la Merkel in questa operazione di simbiosi tra istituzioni e strumenti militari si è spinta fino a sconfessare il proprio ministro degli esteri Frank-Walter Steinmeier, che aveva giudicato “guerrafondaie” le manovre dell’Alleanza ai confini della Russia. Oltre ad annunciare il riarmo tedesco . Così il presunto strumento di pace tiene in piedi la propria mutazione oligarchica con la guerra e con il conflitto, con il totale asservimento al Washington: a questo punto è inutile nasconderlo, è meglio tenere insieme le percorelle smarrite non con la speranza di un pascolo che non c’è più, che è stato devastato dal latifondista, ma con la paura dei lupi.
D’altro canto, entrata in crisi l’Europa, anche il portavoce e azionista del potere finanziario fa la mossa del cavallo e cambia la scala del discorso: in perfetta sincronia con i discorsi di Varsavia, Draghi si è fatto latore di un messaggio per un nuovo ordine mondiale che ” i populisti ameranno odiare”. Ordine che si sostanzierà nel controllo totale delle banche centrali dei vari Paesi perché come dice Blomberg – complice banditore di tutto questo e perciò bene informato – “le banche centrali sono governate da leggi concepite nei vari Paest e richiedono di perseguire certi scopi, a volte espliciti, in genere legati all’inflazione e alla disoccupazione. Per di più, devono rispondere ai legislatori nazionali, eletti” (qui). Che orrore per gli oligarchi. Come si vede la crisi aperta dal Brexit scopre la trama sottostante alla narrazione europeista e c’è una parte ormai prevalente di potere che non intende lavorare per salvare il salvabile perché lo da già per perso o comunque per precario, né vuole affaticarsi più di tanto a salvare le apparenze e i personaggi che le incarnavano, compreso il povero Renzi abbandonato alla crisi bancaria, ma cerca invece di sfruttare la crisi che si è aperta per passare direttamente alla mossa successiva. Che sia la dittatura finanziaria o la guerra per farla digerire meglio: se le illusioni e gli inganni sparsi a piene mani cominciano a perdere di efficacia e non è più possibile aumentare la dose, meglio far trovare i cittadini di fronte ai fatti compiuti. -ilsimplicissimus
 

The problems that Italy’s major banks have been facing recently could well cost Prime Minister Matteo Renzi his post, push the country towards an Italexit scenario and wreak havoc on the whole European banking sector, according to financial analysts.

  ***How Italian Banks Could Ruin European Economy

Fred & EntendanceInvestors Private Beach: Gold & Silver

August 1, 2016 ***Ten fun facts about the European bank stress tests

The perfect case in point is Italy’s banking crisis. If the country’s struggling banks are not saved with a combination of public and private money — a process that, to all intents and purposes, began on Friday with the announcement of Monte dei Paschi’s suspension of the ECB’s stress test as well as a €5 billion capital expansion later this year — the resulting carnage could unleash not only a tsunami of financial contagion but also an unstoppable groundswell of political opposition to the EU.
For a taste of just how disastrous the political fallout would be for Italy’s embattled premier, Matteo Renzi, here’s an excerpt from a furious tirade given by Italian financial journalist Paolo Barnard on prime-time TV, addressing Renzi directly:

“You went to meet Mrs. Merkel to ask for a minor public funded bail-out of Italian banks and you got a sharp NO. But did anyone tell you that Germany from 2009 onwards bailed out its failing banks with public money? “Banks, that is, with holes in their balance sheets visible from the Moon.
Germany bailed them out to the tune of €704 billion. It was all paid for by European taxpayers’ money, public funds that is. “It was done through the EU Commission of Mr Barroso and by Mr Mario Draghi at the ECB. Didn’t you know that Mr Renzi? Couldn’t you have barked this right into Ms Merkel’s face?”

Italians have modeled their spending on wealthier nations, yet salaries are stagnating, and savings are being eaten into like never before.

Many will have to depend on an inheritance to get by — the savings their parents put away during better times; others won’t even have that to rely on...Lament from a country on the brink

EU? €? Duemilamiliardi di Pil andati in fumo dal 2008                ***186 trimestri di Pil (destagionalizzato)

Europe's ticking timebomb: With the economy and its banks in crisis, could Italy be next to quit the EU?

***50 SFUMATURE NO €: i 50 motivi per lasciare l’Euro

martedì 4 settembre 2012*** Quelli che: facciamo il referendum...     ***O-ne-stà!

Meanwhile...Welcome to Eurabia, formerly known as Europe.

NEW: IL PIDDINO & L'€ Capitolo I

"An important election is coming up, and I’m not talking about the US presidential election. The upcoming referendum in Italy this fall will have a major macroeconomic impact on the world. But hardly anyone outside of Italy is paying much attention to it—yet..."

***The Italian Referendum Could Result in the Death of the €

***Prima hanno distrutto l’industria, poi il reddito, e ora si prendono i risparmi

Roma***ha un enorme e urgente bisogno di essere salvata dai romani

When 'Whatever It Takes' Fails...Unemployed Italians Lead Europe in Abandoning Job Hunt

Italy Quake: ‘If Italians Had Built Like Japanese, No One Would Have Noticed'

***Sul terremoto anche la patacca di Facebook

Estate 2016, il definitivo tramonto del binomio Agnelli-Mediobanca

Lo Stato è uno strumento di tutela degli interessi soprattutto dei più deboli.

***How The German Government Gained 100bn From The Greek Crisis

Germany made €100bn profit on Greek crisis*** – study

La Seconda Repubblica è finita il 9 novembre 2016

Il Piemonte allo sportello della banca Rothschild